Gross mortgage lending fell 14% last month, though the Council of Mortgage Lenders (CML) says this is in line with expectations.
Compared with November 2008, when a total of £13.8bn in mortgage advances were made, last month saw gross lending of £12bn.
This is also 10% lower than the figure seen in October this year, though the CML says it is normal for lending to fall as winter approaches.
Lending is widely expected to remain steady in the coming months despite a slight recovery in the housing market.
Paul Samter, economist at the CML, says: "There is little reason to expect much underlying change in the coming months.
"There could be a modest decline in underlying house buying activity in early 2010 due to the stamp duty holiday ending, with activity "bunching" over the last few months of 2009. But seasonal factors are likely to be the dominant driver over the next few months."
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